BELVIDERE — Taxpayers who own houses valued at $100,000 will save on average $175 on the Belvidere School District portion of their tax bill next year.

The School Board approved several financial decisions Monday, including refinancing a bond and deferring a 2014 bond payment to 2025 when there aren’t any bond payments due. Chief Financial Officer Greg Brown said leaders can use money generated from the sales tax referendum to pay off the debt then, rather than relying on property taxes.

The decisions provide tax relief to residents so their bills will not skyrocket while the district pays off escalating bond payments.

“If we didn’t do this, in 2025 we wouldn’t have anything to do with that sales tax revenue,” board member Robert Torbert said.

The School District cannot rely on sales tax referendum dollars now to help shift the financial burden away from residents.

Residents did not pass the referendum the first go-around in November 2012, then passed the measure in April. That delayed when the district would start to receive tax revenue one tax cycle, from October 2013 until April 2014.